Daily foreign exchange rates for our top 10 currencies & Update #forex #Vancouver June 10, 2020


USDCAD spot rate: 1.3427 - 1.3432 (as at 8:00am PST)

Ranges:

Asia:

1.3370

to

1.3428

Europe:

1.3374

To

1.3418

North America:

1.3411

to

1.3437

Technical Support / Resistance:

S2

S1

R1

R2

1.3300

1.3334

1.3462

1.3540

Key Economic Data Releases:

- U.S. CPI: -0.1% (exp 0% / prev -0.8%)

- U.S. Fed interest rate decision: 10am

Event Calendar:

Date

Canada

U.S.A.

June 11

June 12

Jobless claims

Consumer sentiment index


The USD/CAD pair jumped around 65-70 pips during the early North American session and refreshed session tops, around the 1.3435-40 region in the last hour. The pair showed some resilience at lower levels and quickly reversed an early dip back closer to multi-month lows, around mid-1.3400s set earlier this week. The early downtick remained cushioned amid a weaker tone surrounding crude oil prices, which tend to undermine demand for the commodity-linked currency, the loonie. Bulls, however, seemed reluctant on the back of a sustained USD selling bias, which remained unabated following the release of softer-than-expected US consumer inflation figures for May. Meanwhile, the latest leg of a sudden spike could be solely attributed to some repositioning trade ahead of the FOMC. The Fed is scheduled to announce its monetary policy decision today at 10am and is widely expected to leave interest rates unchanged at the end of a two-day meeting. Hence, the key focus will be on the accompanying policy statement and the latest set of inflation/economic growth projections, so-called 'dot-plot'. This will be followed by the Fed Chair Jerome Powell's comments at the post-meeting press conference. Investors will closely scrutinize Powell's remarks for clues about the central bank's future policy path, which will drive the near-term sentiment surrounding the USD and provide a fresh directional impetus for the USD/CAD pair. The TSX is down 0.98% and the DJIA is down 0.84%. EURCAD is up 0.24% trading between 1.5176 and 1.5271. GBPCAD is up 0.37% trading between 1.7053 and 1.7140. JPYCAD is up 0.58% trading between 0.01243 and 0.01252. Gold is up 0.42% trading between $1,712 - $1,727USD/oz. Silver is up 1.50% trading between $17.55 - $18.00. Oil (WTI crude) is down 2.12% trading between $37.74 - $38.60.

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